Bitcoin has surged past the $62,000 resistance zone, showing signs of potential further gains. Currently stabilizing, Bitcoin could potentially target moves above $63,000.
Despite facing challenges in breaking the $63,200 mark, Bitcoin is maintaining its position above $61,500, with its 100 hourly Simple Moving Average providing support. A short-term declining channel with resistance around $63,000 is forming on the BTC/USD pair’s hourly chart, hinting at possible fluctuation around that level.
Bitcoin’s price managed to form a strong base and subsequently surpassed the $61,200 resistance, entering a positive trading zone as it cleared the $62,000 mark. It even briefly soared above $63,000 before bears pulled it back slightly.
The high point reached was $63,445, from which Bitcoin started consolidating its gains. A minor retracement occurred, dipping below $63,000 and testing the 23.6% Fibonacci retracement level drawn from the recent low of $58,888 to the $63,445 peak.
Trading above $62,000 and the 100 hourly Simple Moving Average, Bitcoin now faces resistance at the $63,000 level and also within a short-term declining channel. The primary hurdle lies at $63,200, and a decisive move past this could set the stage for further upside, potentially pushing prices to challenge $63,500 and beyond.
A close above the significant $63,200 resistance could ignite another rally, potentially driving Bitcoin to test the $64,500 resistance level, with further gains possibly leading towards $65,000.
However, a failure to break the $63,200 resistance might lead Bitcoin to another decline. Immediate support is seen near $62,250, with stronger support at the $62,000 level. Should this fail to hold, the $61,150 zone, which corresponds to the 50% Fibonacci retracement level from the recent swing low, could provide the next line of defense. If the sell-off continues, the $60,000 support level could come into play soon.
Technical indicators suggest mixed sentiments. The hourly MACD is showing a loss of bullish momentum, while the RSI for BTC/USD is holding above the 50 mark. Key support levels are found at $62,000 and $61,150, with major resistance levels at $63,000 and $63,500.